Home & Commercial Mortgage Services - Northwood Mortgage
Call & Save
TODAY



What is a Fixed Rate Mortgage? Is it Right for You?

Posted onMay 03/2019By

The world of mortgages is complex when you are new to it. And, remember, there are no stupid questions! You might have heard the names of different types of mortgages, but were not sure what they were. Let’s start with the fixed rate mortgage. In this post, we are going to explain what it is and if it might be right for you. Always keep in mind, though, that you should talk to an independent mortgage broker before making any final decisions. A fixed rate mortgage is one that has the same (fixed) interest rate for the full-time term of…

Read More
0 Comment

How Much Can I Borrow? a Guide to Using a Mortgage Qualifier Calculator

Posted onFebruary 20/2019By

As a business owner in Toronto, one of the most essential decisions you need to make is whether to take out a commercial mortgage to expand your enterprise. The question is, how much mortgage does your business need and can actually afford? Key considerations for taking this important step include examining current and projected income, market conditions, property taxes that arise out of the real estate value and interest rates accrued over time. Banks and private mortgage companies alike use a mortgage qualifier calculator to determine how much mortgage your business can afford to support. You can also use this…

Read More
0 Comment

How to Get a Better Rate When You Go for a Mortgage Renewal

Posted onDecember 05/2018By

For most Canadians, their biggest monthly expense will be their mortgage. But did you know that over a quarter of Canadians will simply renew their mortgage once their term is up, instead of shopping around to try and find a better deal? We look for sales and discounts on clothes, groceries, gas, and almost everything else that we shop for, so why not our mortgages as well? Here, we provide some helpful tips so that you can get a better rate when you go for a mortgage renewal in Ontario. Start Looking Early The general rule of thumb is to…

Read More
0 Comment

What Is A Variable Rate Mortgage?

Posted onApril 03/2017By

When mortgage shopping, many buyers think that a fixed rate mortgage is the only way to go. However, a variable rate mortgage may actually save buyers money in the long run, although it can be riskier. Here’s how variable rate mortgages work: As opposed to a fixed rate mortgage, which is a flat rate paid throughout the mortgage term, without fluctuating interest fees, a variable rate mortgage is based on lender prime rates, and will fluctuate with the bank’s interest rates. If you are considering a variable rate mortgage, it’s best to speak to a mortgage expert as they will have a thorough understanding of the current interest environment. While a fixed rate mortgage allows for better financial planning and eliminates the chance of any surprise, there are some reasons why a variable rate mortgage may be a better option. For one, if you know the lender’s rates are currently…

Read More
0 Comment

Fixed Rate Mortgages: Should You Choose A 15-Year Or A 30-Year?

Posted onMarch 20/2017By

Once you’ve decided that you want a fixed rate over a variable rate mortgage, you then have to determine if you want 15 or 30 years. Taking on a loan for 15 years may seem impossible to some people, while others may think that’s just the right amount of time needed to pay it off. Generally, Canadians opt for anywhere from 25 to 30 years for their mortgages, but that doesn’t mean you have to too. Fixed rate mortgages: 15 years With 15-year fixed rate mortgages, you have the advantage of paying off the loan faster. Once you’ve paid off your mortgage, you can focus on putting money aside for other things like your retirement, children or grandchildren’s educations, vacations, etc. You’ll also save money on interest since you’ll pay more interest over 30 years than you will over 15. For example, 4% interest on a $200,000 home is $66,288…

Read More
0 Comment

ReCENT POSTS
CaTEGORIES
ARCHIVES
Subscribe to RSS Feeds



Top